Equity Analysis /

MY : Heineken Malaysia Bhd - Improving outlook from 4Q21F onwards

    Walter Aw
    Walter Aw

    Research Analyst

    30 August 2021
    Published byCGS-CIMB

    1H21 core net profit of R100m missed estimates, due to lower sales volume and temporary suspension of operations during MCO in 2Q21. Despite potentially weaker qoq results in 3Q21, we think HEIM should see a gradual recovery from 4Q21F onwards as lockdown measures are eased. Upgrade to Add from Hold. Our DCF-based TP is unchanged at RM24.20.